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BNED Barnes & Noble Education

Barnes & Noble Education, Inc. is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, a digital direct-to-student learning ecosystem, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better, more inclusive and smarter world.

Company profile

Ticker
BNED
Exchange
Website
CEO
Michael P. Huseby
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
1.B&N Education, LLC • 2.Barnes & Noble College Booksellers, LLC • 3.BNED Digital Holdings, LLC • 4.BNED LoudCloud, LLC • 5.BNED MBS Holdings, LLC • 6.Cram LLC • 7.Educate Ahora LLC • 8.Edúcate Ahora México, S. de R.L. de C.V. • 9.Etudier Facile LLC • 11.MBS Automation LLC ...

BNED stock data

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Calendar

2 Sep 21
22 Oct 21
30 Apr 22
Quarter (USD)
Jul 21 May 21 Jan 21 Oct 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
May 21 May 20 Apr 19 Apr 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 13.22M 13.22M 13.22M 13.22M 13.22M 13.22M
Cash burn (monthly) 1.2M (positive/no burn) 13.82M 13.23M 5.82M (positive/no burn)
Cash used (since last report) 3.25M n/a 37.46M 35.86M 15.78M n/a
Cash remaining 9.97M n/a -24.24M -22.64M -2.56M n/a
Runway (months of cash) 8.3 n/a -1.8 -1.7 -0.4 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 Oct 21 Zachary Levenick Common Stock Buy Acquire P Yes No 10.17 15,300 155.6K 230,000
1 Oct 21 Zachary Levenick Common Stock Buy Acquire P Yes No 10.04 14,700 147.59K 214,700
24 Sep 21 Dematteo Daniel A Common Stock Grant Acquire A No No 0 11,804 0 161,478
24 Sep 21 Emily C Chiu Common Stock Grant Acquire A No No 0 11,804 0 120,187
24 Sep 21 Zachary Levenick Common Stock Grant Acquire A No No 0 11,804 0 192,585
24 Sep 21 David G Golden Common Stock Grant Acquire A No No 0 11,804 0 181,314

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

54.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 107 118 -9.3%
Opened positions 16 15 +6.7%
Closed positions 27 13 +107.7%
Increased positions 30 32 -6.3%
Reduced positions 36 48 -25.0%
13F shares
Current Prev Q Change
Total value 60.79M 196.35M -69.0%
Total shares 28.29M 30.67M -7.8%
Total puts 380K 245.2K +55.0%
Total calls 85.2K 82K +3.9%
Total put/call ratio 4.5 3.0 +49.2%
Largest owners
Shares Value Change
BLK Blackrock 6.32M $8.59M -1.8%
Dimensional Fund Advisors 3.95M $5.37M -0.0%
Vanguard 2.34M $3.18M +1.2%
JPM JPMorgan Chase & Co. 1.72M $2.34M -36.3%
Towerview 1.45M $1.97M 0.0%
STT State Street 1.18M $1.6M +11.6%
IVZ Invesco 849.24K $1.16M -16.6%
Cloverdale Capital Management 735.63K $1M NEW
ATAC Neuberger Berman 600K $816K NEW
Bridgeway Capital Management 593.98K $808K +5.1%
Largest transactions
Shares Bought/sold Change
Charles Schwab Investment Management 253.64K -1M -79.8%
JPM JPMorgan Chase & Co. 1.72M -981.32K -36.3%
Cloverdale Capital Management 735.63K +735.63K NEW
ATAC Neuberger Berman 600K +600K NEW
Antara Capital 0 -332.47K EXIT
Quinn Opportunity Partners 72.96K -264.35K -78.4%
Arrowstreet Capital, Limited Partnership 212.89K -201.69K -48.6%
Mackay Shields 0 -194.4K EXIT
Connor, Clark & Lunn Investment Management 220.75K -189.22K -46.2%
Acadian Asset Management 487.72K -173.87K -26.3%

Financial report summary

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Competition
CheggAramark
Risks
  • We face significant competition for our products and services, and we expect such competition to increase.
  • We may not be able to enter into new managed bookstore contracts or successfully retain or renew our managed bookstore contracts on profitable terms.
  • We face the risk of fluctuating inventory supplies as a consequence of changes in the way publishers distribute course materials.
  • Our wholesale business may not be able to manage its inventory levels effectively which may lead to excess inventory or inventory obsolescence.
  • Our business is dependent on the overall economic environment, college enrollment and consumer spending patterns.
  • Our business is seasonal.
  • Our international operations could result in additional risks.
  • We are dependent upon access to the capital markets, bank credit facilities, and short-term vendor financing for liquidity needs.
  • Our results also depend on the successful implementation of our strategic initiative to grow our digital products and services. We may not be able to implement this strategy successfully, on a timely basis, or at all.
  • Part of our strategy includes pursuing strategic acquisitions and partnerships and we may not be able to identify and successfully complete such transactions.
  • We intend to offer new products and solutions to students to grow our business. If our efforts are not successful, our business and financial results would be adversely affected.
  • We face data security risks with respect to personal information.
  • Computer malware, viruses, hacking and phishing attacks could harm our business and results of operations.
  • Defects, errors, installation difficulties or performance issues with our point-of-sales and other systems could expose us to potential liability, harm our reputation and negatively impact our business.
  • We rely upon third party web service providers to operate certain aspects of our service and any disruption of or interference with such services would impact our operations and our business would be materially and adversely impacted.
  • Laws or regulations may be enacted which restrict or prohibit use of emails or similar marketing activities that we currently rely on.
  • Our business could be impacted by changes in federal, state, local or international laws, rules or regulations.
  • Changes in tax laws and regulations might adversely impact our businesses or financial performance.
  • We rely on third-party digital content and applications, which may not be available to us on commercially reasonable terms or at all.
  • We may not be able to adequately protect our intellectual property rights or may be accused of infringing upon intellectual property rights of third parties.
  • We do not own the Barnes & Noble trademark and instead rely on a license of that trademark and certain other trademarks, which license imposes limits on what those trademarks can be used to do.
  • Our stock price may fluctuate significantly.
  • Provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated By-laws and of Delaware law may prevent or delay an acquisition of the Company, which could affect the trading price of our Common Stock.
Management Discussion
  • Unless the context otherwise indicates, references to “we,” “us,” “our” and “the Company” refer to Barnes & Noble Education, Inc. or “BNED”, a Delaware corporation. References to “Barnes & Noble College” or “BNC” refer to our subsidiary Barnes & Noble College Booksellers, LLC. References to “MBS” refer to our subsidiary MBS Textbook Exchange, LLC.
  • Barnes & Noble Education, Inc. (“BNED”) is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also one of the largest textbook wholesalers, inventory management hardware and software providers, and a leading provider of digital education solutions. We operate 1,429 physical, virtual, and custom bookstores and serve more than 6 million students, delivering essential educational content and tools within a dynamic omnichannel retail environment. Additionally, we offer direct-to-student products and services to help students study more effectively and improve academic performance.
  • The strengths of our business include our ability to compete by developing new products and solutions to meet market needs, our large operating footprint with direct access to students and faculty, our well-established, deep relationships with academic partners and stable, long-term contracts and our well-recognized brands. We expect to continue to introduce scalable and advanced digital solutions focused largely on the student, expand our e-commerce capabilities and accelerate such capabilities through our recent merchandising partnership with Fanatics Retail Group Fulfillment, LLC, Inc. (“Fanatics”) and Fanatics Lids College, Inc. (“FLC”) (collectively referred to herein as the “FLC Partnership”), increase market share with new accounts, and expand our strategic opportunities through acquisitions and partnerships.
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